Why Payday Advances for Smaller Businesses Are Bad News. As Cory Elliott’s construction company boomed, her financial obligation woes started.

Why Payday Advances for Smaller Businesses Are Bad News. As Cory Elliott’s construction company boomed, her financial obligation woes started.

As Cory Elliott’s construction company boomed, her debt woes began. She was indeed refused by 10 banking institutions for financing to enhance her St. Louis construction company, and a consultant that is financial hired recommended a popular alternative: a vendor cash loan.

Half a year later on, she had been having to pay over $14,000 a to service debt of $130,000 for two cash advances month. This sounds like payday loans for small businesses, as some critics have called merchant cash advances, you’d be on the right track if you’re thinking. Continue reading »